In a significant move to improve relations with the cryptocurrency industry, Vice President Kamala Harris’s staff has started to reach out to major crypto companies. What was done was because the Biden administration’s view on digital assets is becoming less and less liked. People who got the letter were told to stop being mean and to think again about how they deal with the digital asset business.
The Financial Times says that Harris’s team has talked to important people at Coinbase, Circle, and Ripple Labs, among other significant bitcoin companies. The goal is to keep the lines of communication open and set up rules that will help the business grow while keeping things stable.
Catalyst for Outreach
This approach started with a letter from Democratic candidates for the US House of Representatives in 2024. What was done was because the Biden administration’s view on digital assets is becoming less and less liked. People who got the letter were told to stop being mean and to think again about how they deal with the digital asset business.
The people working on Harris’s campaign say that their main goal in getting back in touch with the cryptocurrency business is not to get money for the campaign. As an alternative, they want to build a good relationship that can lead to smarter rules that will eventually help the whole financial system.
This is a small part of the larger scheme to change how business leaders think about the Democratic Party. People think that Democrats are against business, and this idea has grown since the Biden administration focused on taking antitrust steps against tech companies. Harris’s campaign aims to dispel this idea. By pushing a message of “pro-business, responsible business,” Harris hopes to reassure businesses that the party will work to make the world a better place to do business.
On the other hand, Trump, who used to be skeptical of cryptocurrencies, has become a strong supporter of the field lately. He gave the opening speech at a Bitcoin conference in Nashville on July 27 and talked about how much he now supports the business. The crypto community has given him a lot of support for this change, and the sector has given a lot of money to his campaign.
Fairshake is a super PAC that supports crypto. Some major firms that have given more than $200 million to it are Coinbase, Ripple, and the startup capital firm Andreessen Horowitz. This is because Trump said he would take digital assets, and his campaign for re-election now has around $3 million in cryptocurrency.
